Facing sharp decline in the industrial production amid corona pandemic, the Kashmir entrepreneurs have urged the government to divert the funds allocated for organising Global Investor Summit – which by now seems to be an impossibility— towards revamping J&K’s beleaguered industrial sector.
Industry contributes 28 percent to J&K Gross DomesticProduct.
“Apart from few industrial units which are intomanufacturing of essential commodities, all other units in Kashmir are closedwhich means our industrial production is below 10 percent. It means huge lossesfor the local unit holders who were already suffering since August 2019,” saida senior industries and commerce department official.
While the officials of the department are tight-lipped,sources informed that in few days the decision on “deferment” of GlobalInvestor Summit to be held in capital cities of J&K, will be announced bythe government.
After abrogation of J&K’s special status, the governmenthad given much hype to the Global Investor Summit stating that it would be agame changer for bringing outside investment to the industrially backwardJ&K.
However, the situation arising out of pandemic has shatteredthe investment sentiment across the country.
Federation Chamber of Industries Kashmir (FCIK) has urgedthe government to boost the local Investment.
Executive council member, FCIK, OveesQadir Jamie said”J&K government shall promote the local industries to boost the economy ofthe J&K.”
“As the country which is undergoing corona pandemic hasitself seen drastic decline in the business and there are no positive signalsfor the growth, in this situation, it would be prudent on the part of thegovernment to utilize funds earmarked for Global Investor Summit for thedeveloping and promoting local industry,” he said
He said: “The central government has allotted Rs 50 crorefor hosting the first ever Global Investors Summit-2020, which is scheduled tobe held in both capital cities.”
“Since this is now difficult to hold the said summit, itwould be better to utilise this amount for revamping the industrial sector inKashmir,” said an entrepreneur.